One has to admit that Jonathan is an extraordinary salesman and calculator of risk but this one is quite a scheme.
Twelve shares in a flogged out maxi yacht for $30,000 a pop = $360,000. They say there is a sucker born every minute and I think that is where most of his business comes from.
www.boatpoint.com.au/boats-for-sale/private/used/SSE-AD-3564012/1993-Volvo-CUSTOM?cr=1&psq=%28%28%28%28BoatType%3DSail%26HullType%3DMono%29%26Price%3Drange%5B10000..30000%5D%29%26%28%28%28SiloType%3D%5BDemo%20and%20near%20new%20boats%5D%7CSiloType%3D%5BDealer%20new%20boats%5D%29%7CSiloType%3D%5BDealer%20used%20boats%5D%29%7CSiloType%3D%5BPrivate%20used%20boats%5D%29%29%26Service%3DBoatsales%29&pso=0&pss=~Length
Some more examples of "Not How to Own a Yacht".www.boatpoint.com.au/boats-for-sale/private/used/SSE-AD-3670826/2007-HARMONY-42?cr=6&psq=%28%28%28%28BoatType%3DSail%26HullType%3DMono%29%26Price%3Drange%5B10000..30000%5D%29%26%28%28%28SiloType%3D%5BDemo%20and%20near%20new%20boats%5D%7CSiloType%3D%5BDealer%20new%20boats%5D%29%7CSiloType%3D%5BDealer%20used%20boats%5D%29%7CSiloType%3D%5BPrivate%20used%20boats%5D%29%29%26Service%3DBoatsales%29&pso=0&pss=~Lengthwww.boatpoint.com.au/boats-for-sale/dealer/new/OAG-AD-1249260/2015-ELAN-IMPRESSION-40?cr=7&psq=%28%28%28%28BoatType%3DSail%26HullType%3DMono%29%26Price%3Drange%5B10000..30000%5D%29%26%28%28%28SiloType%3D%5BDemo%20and%20near%20new%20boats%5D%7CSiloType%3D%5BDealer%20new%20boats%5D%29%7CSiloType%3D%5BDealer%20used%20boats%5D%29%7CSiloType%3D%5BPrivate%20used%20boats%5D%29%29%26Service%3DBoatsales%29&pso=0&pss=~Lengthhttp://www.boatpoint.com.au/boats-for-sale/dealer/used/OAG-AD-952723/2007-JEANNEAU-SUN-ODYSSEY-39I?cr=8&psq=%28%28%28%28BoatType%3DSail%26HullType%3DMono%29%26Price%3Drange%5B10000..30000%5D%29%26%28%28%28SiloType%3D%5BDemo%20and%20near%20new%20boats%5D%7CSiloType%3D%5BDealer%20new%20boats%5D%29%7CSiloType%3D%5BDealer%20used%20boats%5D%29%7CSiloType%3D%5BPrivate%20used%20boats%5D%29%29%26Service%3DBoatsales%29&pso=0&pss=~Length
owners are NOT Factory Workers,
no regret there, their toys lost value
now they wont someone else to pay
I have a friend who has a 1/10th share of a Hanse 40 footer, and he is very happy so far, after a year. The syndicate is run by a reputable organisation, he walks on /walks off the boat at the marina, and all maintenance is looked after. He is not a potterer, so is happy not to have to do any work on the boat.
He has the advantage of flexible working hours, and has used all of his entitlement of boat hours.
The boat is bought new. The life of the syndicate is 3 years, and after that the boat is sold. All owners share in the final loss on the sale. Sydicate shares can be bought and sold during the life of the syndicate. Clearly a share sold then, is going to be cheaper than the initial share price.
It does work for some!
With commercial syndicates, people are generally prepared to pay a little bit more to pay a lot less, ie, the sum of the syndicate is less than the value of the boat. But that Elan looks well priced as a new one lists at $306k. It's a good option for many.
I'm in a private syndicate of 4 owners and am very happy, this is my second private syndicate. I get a boat that I couldn't afford or justify on my own, maintenance doesn't hurt as much when the cost is split 4 ways and we are able to afford improvements as well. Thing are not "put off". Being a small syndicate, I get as much use as I ever want and also have no problems getting a crew together for racing or short trips away. The boat gets good use and is maintained exceptionally well. At my stage of life, with younger kids, mortgage, school fees, ballet fees, music lesson, sports fees, holidays, travel; it's a very good way to enjoy boat ownership and not be a burden in either time or money.
dont think I'd go the Volvo though, perhaps it's $30k for the boat and $330k for maintenance fund?
Syndicate ownership of a new or near new yacht is a good way to go if the share numbers are small but big numbers in a used racing yacht sounds like a recipe for disaster.
A syndicate might be an option for me when MB is gone. It could allow me to sail around Broken Bay, Sydney etc in a roomy comfortable cocktail boat. $15000 up front and $400 a month. I don't think I would miss ocean passages, although that feeling might change. Like Cisco, I am still tired from the Lord Howe trip. I think I'll miss the pottering around even after 10 years of it on MB.
Select to expand quoteRamona said..
I bought my yacht off Jonathon. He is actually a nice young bloke!
I met him Easter last year when I looked at the Cav 28 he had for sale at $18,000 just before I bought Second Wind for $10.000 more.
He seemed like a nice enough guy and I admired him for the way he operates in the big fish pond called Sydney Harbour. He is all over it. I had to chase him to get my $1,000 holding deposit back but he came good.
I think he sails pretty close to the wind though.
I just bought a boat off him. He was honest and easy to deal with. You have to know what you are buying as he doesn't really know the boats (no dealer would) or their history. I took a punt and didn't pay much so I can afford work and upgrades.
I've met him, once or twice when I was looking at boats a few years ago, he has a pretty good rep, and is usually the only bloke who will take on the real dangers that no other broker will take. He has a lot of sailing experience, apparently, but as you say, not a lot on the actual boats he's selling.
As Cisco says, syndicate ownership of a cruiser could be fine. Syndicate ownership of a small racing boat could be fine. Syndicate ownership with this many partners in a big tired racing boat? Scary. If someone is not good enough to get on a boat like this as crew then I wouldn't want ten of them giving orders!
I dealt with the chap.....a lot of stories and not much actual knowledge...not a pleasant experience overall
